back Back

Fave joins MAS to support interoperability across Singapore’s QR payments

By Gloria Mathias

November 01, 2023

  • APAC
  • APAC news
  • B2B
Share

Fave, Singapore, Kuala Lumpur, Pine Labs, Fintech India, Payments Solutions, QR payments, India, Singapore, Malaysia  Fave, a consumer FinTech platform in Southeast Asia and India, has announced its participation in the SGQR+ POC led by the Monetary Authority of Singapore (MAS).

The SGQR+ POC will be limited to Districts 16 and 17 of Singapore and showcased during the Singapore FinTech event.

The Singapore Quick Response Code (SGQR)1 was launched in 2018 as the unified QR code for digital payments in Singapore. The introduction of SGQR+ now aims to enhance interoperability in QR payments by letting merchants register with a single preferred merchant acquirer and accept a wide array of digital payments from customers who use any payment app that has enabled SGQR transactions.

Seamless cross-border interoperability delivered through SGQR+ will also ensure that merchants will be able to accept digital payments from overseas visitors.

There are two tracks under the SGQR+ POC; the Master Merchant Acquirer track by NETS Group and the Interoperable Switch track by Liquid Group. Fave is participating in the Interoperable Switch track by Liquid Group. Fave merchants such as Jollibee, Dian Xiao Er, Sushiro and more will be able to expand their QR payment acceptance to include participating payment apps.

Chen Chow Yeoh, Co-founder, Fave, said, “MAS has always supported the thriving FinTech ecosystem in Singapore with a series of proactive measures and innovative steps. Fave is thrilled to be part of their SGQR+ POC to advance the interoperability of QR payments in Singapore.”

Fave is part of the Pine Labs Group, a FinTech organisation providing a smart payment app for the next generation of consumers to pay and save. It also empowers offline businesses to grow and digitally connect with their customers in a whole new way.

Previous Article

November 01, 2023

Agoda and Mastercard to drive B2B payments for the travel industry

Read More
Next Article

November 01, 2023

Shift Technology enhances insurance decisioning solutions with generative AI

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 09, 2024

FOURSOURCE taps Mangopay to enhance textile marketplace experience

Read More

October 09, 2024

Core Banking Crisis: 55% of Banks cite Legacy Systems as top barrier to transformation

Read More

October 09, 2024

JCB expands Google Pay acceptance in Japan for Android users

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More